Interim Results

JPMorgan Fleming Mercantile IT PLC
30 September 2005



                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS

The Directors of JPMorgan Fleming Mercantile Investment Trust plc announce the
Company's results for the period ended 31st July 2005.
                    
          +2.9%     Return to shareholders
          +5.1%     Return on net assets
          +6.6%     Benchmark return

After a challenging February and March, the stock market showed a positive
return for the first half of the current year, with particular strength from
energy related stocks as the oil price continued to rise. Our mid and small cap
benchmark index, the FTSE All Share (excluding FTSE 100 constituents and
investment companies) showed a total return of +6.6% for the six months ended
31st July 2005. During this period the Company's comparable net asset value
total return was +5.1%. This underperformance arose principally from the
de-rating of the technology and media sectors in response to lower than expected
growth in those sectors.

The stock market went through a difficult period earlier in the year as higher
oil prices and a weakening housing market hit confidence. That said, the UK
economy remains the most stable among the Group of Seven wealthy nations and the
news from the corporate sector has been generally good. Profits and cash flow
have been strong and interest cover for companies is close to a record high at
6.6 times. This leaves scope for further increases in returns to shareholders
and is one of the reasons for the growing number of takeover bids, which are now
predominantly financed by debt. The recent fall in the growth of consumer
spending and in the ratio of household borrowing to income suggests that
consumer confidence is now stabilising as consumers bring their own personal
balance sheets under tighter control.

The Company's investment managers believe this is positive for the building
sector in particular and the outlook for small and mid cap stocks in general,
which offer an attractively valued range of domestic, unique and world class
stocks to invest in.

Directors

Charles Peel has been appointed a Director with effect from 1st October 2005. Mr
Peel brings a wealth of investment experience to the Board, having previously
held senior positions with Fielding Newson-Smith & Co. and Morgan Grenfell
Securities. In 1989 he was a founding director of Peel Hunt and Co. Limited. He
retired from the City in September 2004 and is now a non-executive director of
Ingenious Music VCT plc and Artemis Alpha Trust plc and is actively involved
with a number of private companies.

Dividends

A second interim dividend of 4.25p per share has been declared by the Board,
payable on 1st November 2005 to shareholders on the register as at the close of
business on 7th October 2005. This brings the total dividend for the year to
date to 8.50p per share, which is the same as last year at this stage.

Hamish Leslie Melville
Chairman        30th September 2005


For further information please contact:
Jonathan Latter
JPMorgan Asset Management (UK) Limited - Secretary


JMorgan Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31st July 2005
Statement of Total Return (Unaudited)

                        Six months to 31 July 2005        Six months to 31 July 2004       Year to 31 January 2005
                                                                  (restated)                      (restated)
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital      Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000      £'000
Realised gains on
investments                     -       3,183     3,183         -    12,386      12,386         -    30,226     30,226

Net unrealised gains/
(losses) on investments         -      38,527    38,527         -  (29,069)    (29,069)         -   154,608    154,608

Net currency losses on
cash and short term
deposits held during
the period                      -         (1)       (1)         -       (8)         (8)         -      (49)       (49)

Other capital charges           -       (146)     (146)         -        -            -         -         -          -

UK dividend income         21,219           -    21,219    16,222         -      16,222    29,438         -     29,438

UK unfranked investment
income                          1           -         1       138         -         138       138         -        138

Overseas dividends            114           -       114         -         -           -         -         -          -
Scrip dividends                 -           -         -     1,384         -       1,384     2,019         -      2,019
Underwriting                    -           -         -       217         -         217       270         -        270
commissions
Deposit interest              805           -       805     1,554         -       1,554     3,105         -      3,105
                          _______    ________   _______   _______  ________     _______   _______   _______    _______
Gross return/(loss)        22,139      41,563    63,702    19,515  (16,691)       2,824    34,970   184,785    219,755

Management fee            (1,550)     (1,550)   (3,100)   (1,401)   (1,401)     (2,802)   (2,817)   (2,817)    (5,634)

Transaction costs               -       (781)     (781)         -     (912)       (912)         -   (1,749)    (1,749)

Other administrative
expenses                    (444)           -     (444)     (361)         -       (361)     (702)         -      (702)
Interest payable          (3,304)     (3,304)   (6,608)   (3,271)   (3,271)     (6,542)   (6,631)   (6,631)   (13,262)
                          _______     _______   _______   _______   _______     _______   _______   _______    _______
Return/(loss) before
taxation                   16,841      35,928    52,769    14,482  (22,275)     (7,793)    24,820   173,588    198,408
Taxation                        -           -         -         -         -           -         -         -          -
                           ______     _______   _______    ______   _______     _______   _______   _______    _______
Return/(loss) after
taxation                   16,841      35,928    52,769    14,482  (22,275)     (7,793)    24,820   173,588    198,408
                           ______     _______   _______    ______   _______     _______   _______   _______    _______

Transfer to/(from)
reserves                   16,841      35,928    52,769    14,482  (22,275)     (7,793)    24,820   173,588    198,408

Return/(loss) per
ordinary share
                                                 39.21p                         (5.74)p                        146.07p

JPMorgan Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31 July 2005


BALANCE SHEET                                                            31 July         31 July      31 January
                                                                            2005            2004            2005
                                                                                      (restated)      (restated)
                                                                           £'000           £'000           £'000

Investments at valuation                                               1,340,831       1,095,267       1,313,934


Net current assets/(liabilities)                                           6,634          48,047           (918)

Long term loans                                                        (176,469)       (201,373)       (176,421)
                                                                      __________      __________      __________
Total net assets                                                       1,170,996         941,941       1,136,595
                                                                      ==========      ==========      ==========

Net asset value per share                                                 864.8p          693.5p          836.8p

CASH FLOW STATEMENT                                                      31 July         31 July      31 January
                                                                            2005            2004            2005
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                 16,907          13,642          27,362

Net cash outflow on servicing of finance                                 (6,560)         (6,496)        (12,990)

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                      14,340        (56,940)        (64,928)

Total equity dividends paid                                             (15,053)        (19,696)        (31,242)

Net cash outflow from financing                                         (22,962)               -               -
                                                                      __________      __________      __________
Decrease in cash for the period                                         (13,328)        (69,490)        (81,798)
                                                                      ==========      ==========      ==========

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year. The total
column of this statement is the profit and loss account of the Company.

The results for the year ended 31st January 2005 and for the six months ended
31st July 2004 have been restated in accordance with Financial Standards
21,22,25 and 26.

Due to the introduction of Financial Reporting Standard 21 'Events after the
balance sheet date', dividends declared and approved by the company after the
balance sheet date should not be recognised as a liability of the Company at the
balance sheet date. Prior results have accordingly been restated and this has
led to an increase in net assets attributable to shareholders of £9,508,000 for
the year ended 31st January 2005 and £5,773,000 for the six months ended 31st
July 2004. Also, Financial Reporting Standard 25 states that dividends can no
longer be presented on the Statement of Total Return. In respect of the year
ended 31st January 2005, the company paid dividends of 19.75p per share
(£26,827,000). For the six months ended 31st July 2004, dividends totalling
8.50p per share (£11,545,000) were paid. Dividends totalling 4.25p (£5,755,000)
have been paid in relation to the six months ended 31st July 2005, with another
dividend of 4.25p having been declared.

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 January 2005 have been delivered to the Registrar of Companies.
These accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.


JPMORGAN  ASSET MANAGEMENT (UK) LIMITED

30th September 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange